OECD-G20: International standards on structural policies key to emerging from crisis

Pittsburgh, 25/09/2009 - Welcoming the adoption of the Framework for Strong, Sustainable and Balanced Growth by G20 leaders gathered in Pittsburgh for the G20 summit today, OECD Secretary-General Angel Gurría said new sources of jobs and growth needed for the global economy to effect a sustained recovery, will only emerge if the right structural policies are adopted by the world’s leading global economies.

Gurría cited the benefits to be derived from reforming education systems: "one additional year of education (can) raise GDP per capita …by 4-7%". "Improving the functioning of labour markets, by raising the effective labour supply also has the potential to raise living standards significantly."

According to the OECD, successful structural policies benefit from a common international approach, by identifying best practices among nations. Secretary-General Gurría called for the need to agree on common international targets in areas such as innovation and green growth predicting "they could become the overarching umbrella for the G20 Framework’s structural agenda".

Gurria's remarks to G20 leaders reflected the fact that the focus on structural policies will constitute the principal element of the OECD's contribution to future work on the G20 Framework Strong, Sustainable and Balanced Growth.